Medibloc

What is Medibloc?

MediBloc (MED) aspires to establish an incorruptible, blockchain-driven ecosystem empowering users with control over their data and enabling them to manage health information autonomously. Built upon the Panacea vision of blockchain technology, MediBloc focuses on creating a patient-centric framework for the collection, utilization, and management of health information. This decentralized data ecosystem strives to enhance the reliability of health data and safeguard individual privacy. Panacea, the core technology, aims to address and enhance various contemporary issues. Its fundamental goal is to verify data ownership through hash values and record the hash value of health information.

The platform employs a Delegated Proof-of-Stake (DPoS) mechanism and the Practical Byzantine Fault Tolerance (PBFT) algorithm. According to the whitepaper, the DPoS consensus mechanism and PBFT algorithm collaborate to designate validators based on the votes of network participants. This ensures the efficient production of blocks by validators at a rapid pace while maintaining synchronization. All platform records undergo validation by nodes, and once incorporated into the blockchain, the data becomes immune to falsification.

How Does Medibloc Work?

The ecosystem is structured around three fundamental components: MediBloc Core (a layer designed for data storage and additional storage capabilities), MediBloc Application (a layer facilitating access and management of data through diverse applications), and MediBloc Service (a layer leveraging smart contract technology to interconnect the other layers, enabling the input and output of data).

The platform provides three distinct account types: for general users (patients), healthcare providers (doctors and medical institutions), and data scientists. The latter two categories necessitate proof of accreditation. The project's goal is to enhance the quality of medical services and infrastructure by streamlining information storage processes and granting users control over their data. MediBloc adheres to the HIPAA Security Rule, ensuring compliance with the Health Insurance Portability and Accountability Act.

MED serves as the official cryptocurrency, functioning as a means of payment for healthcare expenses utilizing blockchain. Additionally, the token aims to foster participation in the platform and establish an economic ecosystem. Users contributing to the platform's ecosystem anticipate receiving incentives in the form of MED. Furthermore, individuals not selected as validators but holding MED mainnet coins can actively contribute to the block validation process and receive incentives for each block created. All participants, including patients, medical institutions, professionals, insurance companies, and research centers, can receive incentives based on their contributions.

Medibloc Team Background and Partnerships

MediBloc, established in 2017, was founded by a team comprising accomplished doctors collaborating with seasoned entrepreneurs and skilled developers. The co-founders of this South Korean company are Dr. Allen Wookyun Kho and Dr. Eunsol Lee, both distinguished healthcare professionals with significant expertise in medicine and software engineering.

Dr. Allen Wookyun Kho earned a Bachelor of Science from the Korea Advanced Institute of Science and Technology, a Master's in Computer Science from Columbia University (New York, US), and a Master of Dentistry from Kyung Hee University (Department of Dentistry). Kho previously served as a lead software engineer at Samsung Electronics, playing a crucial role in the development of Galaxy S software.

Dr. Eunsol Lee holds a Bachelor of Medicine from the College of Medicine, Hanyang University, and a Master of Medicine from the College of Medicine, University of Ulsan. Specializing in radiology and biomedical informatics, Lee has an impressive background, having worked as a developer at NEXON, a radiology specialist at Asan Medical Center, and a public health doctor. Lee was also a former member of the Presidential Committee on the Fourth Industrial Revolution (PCFIR) and a representative of the Special Committee (Digital Healthcare) under the PCFIR.

Medibloc has secured partnerships with a variety of establishments, namely IMM Investment Corp, Company K Partners, HGI, Samsung Medical Center, Severance Hospital, Shinhan Life, SNUH Hospital, Seoul Medical Center, KB Insurance, and more.

Medibloc Project Development

The newest development from Medibloc is the launch of their convenient Prescription History Lookup Service: Users now have the ability to access their pharmacy prescription history without revisiting the pharmacy. Medipass enables individuals to retrieve recent prescription information from any pharmacy visited within the last year through four convenient authentication services: KakaoTalk, PASS, SMS message, and Naver, eliminating the need for a public or joint authentication certificate. With a straightforward authentication process, users can verify the currency of their pharmacy prescription history.

Medipass displays both hospital prescription history and pharmacy prescription history associated with medication pick-ups. By clicking on a prescription record, users can access details such as the prescribing institution, prescription date, dosage instructions, benefits, precautions, and information about potential nutritional deficiencies resulting from the medication. The system is capable of retrieving records dating back up to 3 years, starting from the initial hospital connection date.